| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund will usually hold 40 to 80 positions and will be well diversified across the various event strategies. In keeping with the absolute return focus the Manager will eliminate market risk where appropriate by hedging market and foreign currency risks. Since inception the Fund has averaged a net equity market exposure of ~10%. Sizing of an investment position will depend on the expected risk adjusted returns while taking account the liquidity and volatility of the stock. In addition, the maximum potential loss on any one position should be greater than 0.5% of the NAV and the position should not exceed 30% participation of stressed volume assuming a $200m NAV. Other criteria considered are ability to hedge and the availability of pair candidates as well as the average bid-ask size. For M&A strategies average long position is 3 to 5.5% and average short position 2 to 5%. |
| Manager Comments | The M&A sub-strategy contributed significantly to September's performance as a number of situations the Fund was involved with, had positive developments. While gross exposure in this sub-strategy fell to 39.6%, as a number of deals closed, the Fund was able to initiate new trades. Gross exposure also fell slightly to 34% in the Stubs strategy as the Fund booked in profits from spreads that reverted to normalized levels. Within other strategies, the Credit sub-strategy posted a small positive 30 basis points contribution to overall performance. For the month, the Fund averaged a gross and net exposure of 190.3% and 12.9% respectively. Click below to read the latest Fund Manager's Report. |
| More Information |
